Canadian PE firm buys Rosemont’s interest in Westmount

Temperance Partners, a Canadian private-equity firm, has purchased a minority stake in Westmount Asset Management from Rosemont Investment Partners. Terms of the deal were not announced.

Westmount, which manages more than $2.8 billion, is one of the oldest and largest independent investment firms in Los Angeles.

Silver Lane Advisors, an investment banking firm specializing in the financial business, helped arrange the transaction. It previously advised Westmount on the original sale to Rosemont, a private-equity firm, in 2011.